Question: Do you know how much tax revenue the United States collected last month?
Next Question: Do you know how much the United States spent last month?
These are numbers are available to you simply by visiting Congressional Budget Office website HERE.
Just like the equation: INCOME – OUTGO = EXACTLY ZERO ™ applies to you and me, it also applies to governments and businesses.
In January, the CBO estimates that the U.S. spent $10 billion more than was collected. For the first four months of fiscal year 2014, we have spent $184 billion more than was collected.
Here are some reasons you should care about these numbers – especially if you are a citizen of the U.S.
- Increased deficits means more national debt. And the taxpaying citizens will have to pay this interest as well as repay the debt (which is in excess of $17 trillion).
- No balanced budget requirement for the U.S. means deficits will continue. Just as having no personal budget will tend to lead to overspending. I, for one, would love to see some requirement that my beloved country would have to save money and follow the I Was Broke. Now I’m Not. Ladder!
- You are already feeling the impact of the national debt, and it won’t be getting lighter. There is relentless borrowing from the Social Security trust fund. Don’t just take my word for it – read the report issued by the Social Security Administration HERE.
I’m only voting for representatives who demand a balanced budget. I feel that would be most “representative” of me – and will help the U.S. continue to prosper into the future.